How To Give Yourself A Pay-rise.

2017 was the year I took control of my finances. I feel it has been the turning point in winning with my finances, putting my money to use the way it should.

This year I gave myself a pay-rise. At the time, i made a couple of sacrifices which looking back does not feel like it. Here are the five things I did this year.

  1. Stopped leasing expensive cars. Goodbye $450/month car. Hello $200 a month which I will own in 4 years and hopefully have for the next 10. This also reduced by auto insurance by $300 a year. SAVING $275/month.
  2. Shopped around for cheaper home insurance. The cheeky sods put my insurance up despite no claims. As I pay through escrow, I wouldn’t had known if the bank hadn’t told me. I actually ended up saving $400. Saving $35/month.
  3. Got rid of my expensive AT&T carrier and moved to Cricket Wireless. Saving $100/month.
  4. Switched from Optimum to Roku/Sling. I no longer have a landline but i never used that anyway. I still have my Internet via Optimum but I had no choice. Saving $80/month.
  5. Enrolled into Wageworks program. As i take the train to work, some of my monthly payment is now pre-tax. Saving $80/month.
  6. I work in the middle of a big city. I now take my own breakfast into work each day and bring my own lunch to work three days a week. Saving $160/month
  7. Enrolled into the Dependent Care Spending Account at work saving $165/month.

So, just by organizing my life, making a few adjustments, these were all quick and easy wins. I have saved $735 each month or $8820 a year. This is after tax money. I still have a car, internet, TV, cell phone. I put all these into action over six months ago and I don’t think my quality of life has changed at all. I have been able to start taking control and saving money, upping my 401k contributions and increasing my net wealth.

What wins have you put into place this year? Am i missing any simple wins from the above?

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